Downtown parking deck to open in September

Thursday

Editor's note: This story has been updated to reflect the correct about of parking spaces available to the public.

HOLLAND — If everything goes according to plan, the new parking deck in downtown Holland will be open to the public on Sept. 28.

“As soon as we close, it’s available for public parking,” said City Manager Keith Van Beek.

Council voted unanimously to authorize capital improvement bonds for a 25-year term not to exceed $7 million to pay the costs of acquiring, construction, furnishing and equipping the Ninth Street parking deck.

The city should close on the property on Sept. 28, said Finance Director Tim Vagle, which means it would be usable that day; this is the same day the Civic Center is set to open.

The city transferred the property, which is on Ninth Street between River and Pine, earlier this year to GDK Construction, which is constructing the 380-space deck for the cost of $6.7 million. At the end of construction, the city will buy the property and structure back.

Council voted earlier this year to issue debt to pay for the parking deck, with the cost of debt service to be paid with Brownfield Tax Increment Financing taxes captured from properties within the West Eighth Street block being redeveloped by GDK.

“The growth and value of those taxes will be used to pay this bond over the 25-year term,” Vagle said.

In the first year it’s estimated $92,000 will be captured, which will apply to the city’s first interest payment on the bond, projected to be $198,000 (interest costs will be spread over a longer term to cover this). In 2020, it’s estimated the city will capture $315,000 and need to make a payment of $297,000.

The three-level parking deck will have a total of 380 spaces. Some of those will be reserved for residents of downtown and tenants of buildings constructed by GDK on that block. The public will have access to 236 spaces.

— Follow this reporter on Twitter @SentinelSydney.

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